Manchester City have also been linked with El Shaarawy, although interest from the Citizens has waned since initially suggesting a swap deal involving Carlos Tevez, who has now joined Juventus.

However, Milan issued a statement last night to deal with the speculation suggesting El Shaarawy was set to leave the San Siro.

The Italian - who has an Egyptian father - impressed for the Serie A club last season

No more talk of the transfer market, no more rumours. AC Milan, the Rossoneri colours and the 'Faraone' will absolutely continue on together

AC Milan statement

"There has been a meeting between (Milan vice president) Adriano Galliani, Stephan El Shaarawy and the young star's entourage," the club announced on their official website.

"Everything went well. Stephan has always been an AC Milan fan and has reiterated his determination to continue playing for the Rossoneri. That pledge was reciprocated by Milan, with conviction. Milan and El Shaarawy will move forward together, as they have since 2011.

"No more talk of the transfer market, no more rumours. AC Milan, the Rossoneri colours and the 'Faraone' will absolutely continue on together."

El Shaarawy scored 16 league goals last season for the Serie A giants and signed a contract extension in February taking his current deal with the club up until 2018.